The correction recently presents an awesome buying opportunity for funds and investors who wish to invest in a top tier international company. The company has no direct subprime risk, and has written of losses related to any securities that had any link.
ICICI is the biggest private bank in India, with an astronomical growth, and barely offering the breadth of financial services as in the west. They have just opened branches in the US, Russia, Canada. With the profits and potential of the company in their Massive population markets, this is a bargain.
Icici bank had 264 million dollars losses in subprime till Jan 31st. The link to this news was removed from NDTV.com and a correction was posted. I doubt that the correction is the truth. Now also you can do a search for icici bank on www.ndtv.com (major indian news channel).
I would wait till earnings release before diving in.
Their losses are not directly due to subprime and a lot of other banks are going to come clean as well. ICICI is showing a great deal of transparency which is why this is the best run bank in India. Read the following:
International Banks Should Follow ICICI's Transparent Example
Now Dow Jones News has reported that ICICI is citing a loss of $264.3 million at the end of January because of the bank's exposure to credit derivatives and investments.
Replying to questions in Parliament, India's junior finance minister said that the overseas operations of ICICI Bank, India's largest private-sector bank by assets, incurred a big loss. The shares in the bank then dropped -5.2 pct on the Bombay Stock Exchange. The bank stated that the loss was due to having its investments being marked to market, ie, assigned a value at current market prices, rather than having a provision for bad debts related to sub-prime related investments as most of the major international banks do.
I think it would be advisable for all banks to do the same. The way HB&B does their accounting lacks transparency and can lead to illegal insider trading by persons who are knowledgeable of the write-downs.